Yes. Active duty income earned by active duty members of the armed forces is exempt from New Mexico’s personal income tax. File a PIT-1 resident tax return and use a PIT-ADJ schedule to deduct any military active duty pay. back to list
The petroleum products loading fee (Section 7-13A-1 NMSA 1978) applies to the privilege of loading gasoline or special fuel from a rack at a refinery or a pipeline terminal in the state into a cargo tank, or for importing gasoline or special fuel for resale or...
The Property Tax Division (PTD) helps local governments in the administration and collection of ad valorem taxes in the State of New Mexico. Property taxes contribute a large portion of revenue to New Mexico’s local governments and schools annually. Three bureaus make...
The State imposes the Railroad Car Company Tax on the gross earnings of an organization as defined in Section 7-11-2C NMSA 1978 from the use or operation of railway cars within the state. “Organization” excludes a railroad company operating its own or leased lines....
The Resources Excise Tax Act consists of three taxes on activities related to natural resources in New Mexico. Natural resources include timber and mineral products but do not include oil, natural gas, liquid hydrocarbons, carbon dioxide, helium or non-hydrocarbon...
New Mexico imposes a severance tax on the privilege of severing natural resources. "Natural resources" is defined as "timber and any metalliferous or nonmetalliferous mineral product, combination or compound thereof but does not include oil, natural gas, liquid...
The board of county commissioners of a county may provide by ordinance for a solar energy improvement special assessment on a residential or commercial property within the boundaries of the county if the owner of the property requests it. The purpose is to increase...
Every telecommunications company, including mobile telecommunications (cellular service) companies, providing intrastate telephone services (ITS) within New Mexico must charge, collect, and remit the telecommunications relay service surcharge (TRS) to the Taxation and...
New Mexico imposes the tobacco products tax (TPT) for the manufacture or acquisition of tobacco products in New Mexico that are intended for distribution in the ordinary course of business and for the consumption of tobacco products in New Mexico. A tobacco product is...
Certain commercial vehicles not registered or licensed in New Mexico that are transporting passengers for hire or property for hire or resale are required to pay a trip tax, in lieu of registration or use fees, for the maintenance, repair and reconstruction of the...